OptionEye Morning Market Macro Outlook - May 21st
A little bit of back and forth overnight.
Beans are up 7, Corn is up 1 and wheat is unchanged.
The 10 year yield is 2.52% and we eagerly await the Fed minutes to see if that changes at all.
Oil continues to climb and is trading at $103.12 up .79 cents. The U.S. economy cannot stand high energy prices for an extended period of time. It just can't.
Gold is down $4.45 to $1289.92. I don't see that rallying real hard anytime soon either.
This food and energy inflation problem is not going away. It gets a little headlines but nowhere near as much as it needs. I am frustrated. Since June of 2009 when we declared the recession over, we have seen an increase in real disposable income for average Americans increase 4.8% and for those on Wall Street 108.4%. Yep, you read that right. Since February of 2010 we have created on average 172k jobs per month and in the same time averaged 175k people per month dropping off the particpation list. We are not even breaking even. That is why we are not making anything. Our GDP absolutely stinks. Don't get sucked into the weather excuse. It's in the numbers. We just are not cutting it. Simple. We need growth, regulatory reform and tax reform.
Whew, glad I got that off my chest.
Re: OptionEye Morning Market Macro Outlook - May 21st
People not buying anymore because everything is so high, and their daily
Living expenses are high as well.
Re: There will be no tax reform
The house has passed numerous tax reform bills. The senate refuses to even debate one of them.
If you mean they refuse to raise taxes because you want them to, well then, I guess you are right, the house refuses to raise taxes any higher for anyone despite the Presidents and his Party's desire to do so. 🙂
It takes 2 to Tango, and historically the white house plays the part of the male dancer and leads. But of course, Obama doesn't know about anything his government is doing until he hears about it in the press, and then he is MAD about it. I sure wish I could get away with that leadership style! 🙂 Unlike Truman, the buck doesn't even get to the white house anymore, let alone stop at his desk. 🙂
At least you guys can admit that if a republican pulled this wishy washy crap you would think him an idiot.